" A. A strong rally, climaxing a more or less extensive advance, on which trading volume becomes very heavy, followed by a minor recession on which volume runs considerable less than it did during the days of rise and at the Top. This is the 'left shoulder.' B. Another high=volume advance which reaches a higher level than the top of the left shoulder, and then...
Interesting mining stock. How long will the commodity boom last? Technically speaking, this is a textbook example of a rounding bottom. The primary issue I have with this idea is the relatively short amount of time that the pattern has taken to carry out, although this may just be a product of a late-stage bull market and massive liquidity injection.
The following breakout alert is from my Premium Stock Alerts Service with Macro-Ops.com. Here's the trade: 3% Breakout: $5.26 1.50% Breakout: $5.20 Price Target: $6.32 Stop-Loss at Minor Low: $4.66 Reward/Risk: 2.07 Thanks, Brandon
Many well-respected traders, a number of whom I have studied under myself, vehemently oppose trading symmetrical triangles. I'm not here to say they're wrong or that I'm right, but I would like to shed some light on these misunderstood chart patterns using classical charting principles from Edwards and Magee. Much of the information I see shared online regarding...